Bitcoin whales are making some strong moves again amid price volatility in the cryptocurrency market. A large BTC account transferred 9,055 Bitcoin yesterday after the world’s largest cryptocurrency lost nearly 20% of its value over the weekend.
According to the latest data published by a crypto analytics platform, Whale Alert, the total value of the mentioned transaction stands at around $400 million. Bitcoin whale moved 9,055 BTC to an unknown wallet on Sunday 16 May at 21:32 UTC.
The latest crash in Bitcoin and other cryptocurrency assets has accelerated large crypto movements. Apart from the recent $400 million BTC move, an anonymous whale transferred 7,231 Bitcoin worth over $305 million to an unknown digital wallet on Monday 17 May at 5:50 UTC.
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“BTC’s and ETH’s recent dips are leading to some stagnancy in the dormant coin movement that has really propelled the historic bull run crypto has experienced,” crypto analytics firm, Santiment mentioned on Twitter.
Large Bitcoin and Ethereum Transfers
BTC and ETH are the top two digital currencies in the world. Whale Alert highlighted a surge in transfer activity of Bitcoin and Ethereum whales. In fact, a leading Ethereum account moved 200,000 ETH worth over $702 million today from cryptocurrency exchange Binance to a crypto wallet. Additionally, large Bitcoin addresses are moving the world’s largest digital currency from leading crypto exchanges to cold storage or unknown wallets. On Monday, a leading BTC whale transferred 1,500 BTC worth more than $68 million from Coinbase to an unknown digital wallet. The BTC and ETH supply at crypto exchanges has been plunging since the start of this year as whales are trying to create a supply shortage.
The latest crash in the cryptocurrency market has caused a sharp drop in the market dominance of BTC. The world’s largest digital currency currently has a market dominance of around 40%, which is its lowest level in more than three years.